February 9, 2015 / 7:42 PM / 3 years ago

Defaults unlikely to rise in Brazil, Santander Brasil CFO says

SAO PAULO, Feb 9 (Reuters) - Banco Santander Brasil SA is confident that loan delinquencies are not on the rise despite the economic stagnation afflicting Brazil, Chief Financial Officer Ángel Santodomingo Martell said on Monday.

While Santander Brasil, the largest foreign lender in the country, has “big” loan exposure to companies involved in a corruption scandal between state-controlled oil producer Petróleo Brasileiro SA and its contractors, Santodomingo said it is comfortable with it.

Santodomingo spoke at an event with shareholders in São Paulo. Santander Brasil is the Brazilian subsidiary of Spain’s Banco Santander SA. (Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal; editing by Andrew Hay)

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